Aqualis ASA, the parent company of Offshore Wind Consultants and Aqualis Offshore, has entered into an agreement to acquire the marine, adjusting, and offshore business lines from Braemar Shipping Services Plc in exchange for an equity stake in the group.
The combined company will be named AqualisBraemar ASA and will focus on offshore wind, offshore oil & gas, marine and adjusting consultancy.
It will be divided into four divisions, including Renewables, Offshore, Marine and Adjusting, with the head office located in London and David Wells continuing as CEO of the group.
Offshore Wind Consultants will continue operating and trading under its current brand name.
The consideration in the transaction comprises a combination of Aqualis shares and performance-based warrants, making Braemar the largest shareholder in Aqualis with an initial shareholding of approximately 26%, potentially increasing to 33% depending on business performance, the company reported.
"We are delighted to be announcing the sale of substantially all of Braemar’s Technical division to Aqualis ASA in exchange for an equity stake in the enlarged group," said James Kidwell, CEO of Braemar.
"We strongly believe that the enlarged Aqualis group, which will retain the Braemar name and trade as AqualisBraemar, will bring numerous benefits and opportunities to both clients and employees going forward.”
Completion of the transaction is subject to approval by Aqualis’ shareholders at the annual general meeting expected to be held on or about 11 June and to be closed by the end of the same month.